The Relationship between the Institutional Ownership and the Performance of IPO
碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 99 === Many studies point out the phenomenon of IPO underpricing which causes significantly differences between short-term and long-term performance of the initial public offering and the possible causes are information asymmetry, signaling effect, or fads. Previous...
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ndltd-TW-099NKIT53050032016-04-11T04:22:08Z http://ndltd.ncl.edu.tw/handle/57378397585858462562 The Relationship between the Institutional Ownership and the Performance of IPO 機構投資人持股與初次公開發行績效之探討 Ya-Ling Hsiao 蕭雅玲 碩士 國立高雄第一科技大學 財務管理研究所 99 Many studies point out the phenomenon of IPO underpricing which causes significantly differences between short-term and long-term performance of the initial public offering and the possible causes are information asymmetry, signaling effect, or fads. Previous studies also find that the change of the level of institutional ownership which has information advantage is positively associated with long-term performance relative to individual investors. This study uses the data which contain the level of foreign institutional investors’ and dealers’ holdings the day before listing date, and others provided by buy-and-hold abnormal returns divided into one-month, quarter, semi-annual, annual, two-year, and three-year to investigate the relationship between holdings and abnormal returns. We observe whether the phenomena of information advantage and home bias exist for institutional ownership and analyze whether the institute investors’ holdings the day before listing date could be regarded an index as forecasting the future performance or not. This thesis also brings relevant controlled variables into research. The empirical results show that foreign institutional ownership have information disadvantage relative to domestic institutional investors. The trend towards long-term return of dealers’ holdings would be superior to foreign investors’ no matter the day before or one month after listing date. However, both foreign investors and dealers will adjust their holdings to earn better returns after going public so that it may not exist the phenomenon of home bias. Tsai-Yin Lin 林財印 2011 學位論文 ; thesis 53 zh-TW |
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碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 99 === Many studies point out the phenomenon of IPO underpricing which causes significantly differences between short-term and long-term performance of the initial public offering and the possible causes are information asymmetry, signaling effect, or fads. Previous studies also find that the change of the level of institutional ownership which has information advantage is positively associated with long-term performance relative to individual investors. This study uses the data which contain the level of foreign institutional investors’ and dealers’ holdings the day before listing date, and others provided by buy-and-hold abnormal returns divided into one-month, quarter, semi-annual, annual, two-year, and three-year to investigate the relationship between holdings and abnormal returns. We observe whether the phenomena of information advantage and home bias exist for institutional ownership and analyze whether the institute investors’ holdings the day before listing date could be regarded an index as forecasting the future performance or not. This thesis also brings relevant controlled variables into research.
The empirical results show that foreign institutional ownership have information disadvantage relative to domestic institutional investors. The trend towards long-term return of dealers’ holdings would be superior to foreign investors’ no matter the day before or one month after listing date. However, both foreign investors and dealers will adjust their holdings to earn better returns after going public so that it may not exist the phenomenon of home bias.
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author2 |
Tsai-Yin Lin |
author_facet |
Tsai-Yin Lin Ya-Ling Hsiao 蕭雅玲 |
author |
Ya-Ling Hsiao 蕭雅玲 |
spellingShingle |
Ya-Ling Hsiao 蕭雅玲 The Relationship between the Institutional Ownership and the Performance of IPO |
author_sort |
Ya-Ling Hsiao |
title |
The Relationship between the Institutional Ownership and the Performance of IPO |
title_short |
The Relationship between the Institutional Ownership and the Performance of IPO |
title_full |
The Relationship between the Institutional Ownership and the Performance of IPO |
title_fullStr |
The Relationship between the Institutional Ownership and the Performance of IPO |
title_full_unstemmed |
The Relationship between the Institutional Ownership and the Performance of IPO |
title_sort |
relationship between the institutional ownership and the performance of ipo |
publishDate |
2011 |
url |
http://ndltd.ncl.edu.tw/handle/57378397585858462562 |
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